If you are watching TV, you should have a center channel and a subwoofer. There is a reason the audio is mixed at 5.1 chanels and about 90% of all dialog will originate from the center channel.
Why a center? Sonically, the center channel is placed as close to the center of the screen as possible. Right up against the bottom or top of the display. As you walk around the room, the voices which come from the center channel won't drift left or right as they will when you ghost a center channel by using your main L&R speakers. While this may not mean much for music, for video - as basic as the news - to HD sports and movies, this becomes more and more apparent as a sonic advantage.
Why a subwoofer? Because you don't have good speakers... as good as they are.
Pretty much nobody has a single speaker that can recreate the full range of audio we can hear from 20hz to 20,000hz. The subwoofer is not there to create 'boom'... well, okay, that's not the main reason it is there. The reason you use a subwoofer is that it introduces the presence of a given scene. The dull throb of an engine aboard a ship - you don't hear it so much as feel it, and it is VERY subtle, not loud, just 'there'. The feel of the noise at a stadium during a sporting event. Once again, not necessarily overpowering, but always there - pulling you in. So, not only does every video setup need a sub, it needs a good sub. If your speakers can handle 20hz frequencies with a flat response up to 20,000hz, then you don't need a sub... because you already have one. Likewise, for music, you still need that sub.
Why digital audio? While the above statements are excellent, one of the biggest points of digital audio is that the noise floor on the cabling tends to be far lower than you will find with analog cables in all but the very best of setups. Digital tends to introduce unwanted buzz and hiss into the lines far less frequently, and at far lower levels than analog can ever hope for. So, while there are those who LOVE their record players, they tend to spend thousands of dollars on them to get a very minimal improvement on what someone with a $50.00 CD player achieves using a digital connection.
Now, what you have, how it matters, what you want to upgrade, what benefits you want, etc. are all up to you. But, don't think that there aren't reasons that people specifically install 5.1 and 7.1 audio setups into theaters. Don't for a moment think that there is no benefit from digital and surround setups for video, especially HD video and movies. Forget DVD specifically, any movie shown on TV should have some sort of surround processing within it which a proper setup will take advantage of.
Whether you choose to partake, or not, in those advantages is entirely your decision.